According to the latest report by IMARC Group, titled "Application Transformation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global application transformation market reached a value of US$ 14.5 Billion in 2022. Application transformation is the method of upgrading business applications using digital technologies in order to meet the current demands of an enterprise. It enables business-critical applications to stay aligned and relevant with modern user expectations, accelerate improvements, maintain a competitive edge and remain flexible as systems change. Besides this, it also ensures that the applications in a business meet the updated compliance and governance requirements. Since modern technologies offer new opportunities to create efficiencies, innovate, improve the customer experience and enhance quality, there has been a considerable increase in the implementation of application transformation processes across the globe.
Global Application Transformation Market Trends:
The global market is primarily driven by continual technological advancements. Coupled with rapid digitization that has encouraged numerous leading players to heavily invest in the deployment of application transformation methods, this is creating a positive market outlook. In line with this, the widespread introduction of big data, artificial intelligence (AI), DevOps and cloud computing are providing a boost to the market growth. Along with this, extensive research and development (R&D) activities conducted by key players to introduce innovative application transformation solutions are acting as other growth-inducing factors. Furthermore, the shifting preference towards online shopping due to the easy availability of a wide range of products and the advent of home delivery models are impacting the market favorably. Other factors, including continual improvements in the information technology (IT) infrastructure, intensive business competition, the penetration of high-speed internet connectivity and mobile devices, and the growing initiatives for smart city developments, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 30.0 Billion by 2028, exhibiting a CAGR of 13.1% during 2023-2028.
- On the basis of the service type, the market has been segmented into cloud application migration, application integration, application replatforming, application portfolio assessment, UI/UX modernizations and others.
- Based on the enterprise size, the market has been segregated into large and small and medium-sized enterprises.
- On the basis of the end-use industry, the market has been categorized into BFSI, IT and telecom, government, healthcare, retail, manufacturing and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Accenture plc, Atos SE, Capgemini SE, Cognizant, Fujitsu Limited, HCL Technologies Limited (HCL Enterprise), Infosys Limited, International Business Machines Corporation, Micro Focus International plc, Microsoft Corporation, Oracle Corporation, Tata Consultancy Services Limited and Unisys Corporation.
|Base Year of the Analysis
||Service Type, Enterprise Size, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Accenture plc, Atos SE, Capgemini SE, Cognizant, Fujitsu Limited, HCL Technologies Limited (HCL Enterprise), Infosys Limited, International Business Machines Corporation, Micro Focus International plc, Microsoft Corporation, Oracle Corporation, Tata Consultancy Services Limited and Unisys Corporation
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